July 31, 2017
I recently graduated college in December and have about 90k in private student loans from Sallie Mae. I have my federal loans under control with an income drive plan and I am hoping for something similar from Sallie Mae. They want me to pay about $1,000 a month for the loans, which I have called numerous times to say that it is too much with the amount I make and other expenses I pay a month. Right now they are only a week overdue and I have been trying to get a more realistic payment plan for about a month with them. I have spoken to someone from the collections team many times and they have taken in account all of my expenses and say the lowest they can go is $375 a month. This obviously is much better, but still way over what I can pay at first a month first right out of college.
Between all my loans I have 3 co-signers. My nana, who recently deceased is on about 65% of them. My aunt who is in no way financially stable is on 20% of them and my girlfriend who makes the same amount as me and we split our bills is on the other 15%. Sallie Mae keeps trying to reach out to her even though I said there is no way to reach her and I never planned on using any of my cosigners to pay back my loans and let them know that multiple times.
I want to know if anyone has had any luck in getting a manageable monthly payment from Sallie Mae and how they did this? I literally call Sallie Mae and say I want to be in good standing with you and my credit and make these payments on time so I am trying to work out a plan that I can pay you every month, just not that much. They just refuse to go below $375 a month which I can not do and want to get a payment I can afford and not default on every month.
May 3, 2014
$1,000 to $375 per month is a pretty big drop. What will be changing to cause this drop? Have you discussed the rate reduction plan with them? (for some borrowers who cannot afford their monthly payments, they will temporarily reduce the interest rate on the loan so that you can stay caught up). For more info on the rate reduction program, check out this article: https://studentloansherpa.com/step-step-guide-lowering-sallie-mae-interest-rate-payments/
As far as your other co-signers, if they cannot afford to chip in on your loans, you might consider letting Sallie Mae talk to them. The co-signer can explain that they are in no position to contribute. (this sends the message to Sallie Mae that they better work with you or else they will not get anything).
If you suspect that Sallie Mae is being unfair or not working with you, you might also consider filing a complaint with the consumer financial protection bureau. They have a well earned reputation for acting on behalf of borrowers. Once your complaint is filed, Sallie Mae is usually forced to respond in writing to the CFPB. It can be a great way to find a workable solution. https://studentloansherpa.com/file-compliant-student-loan-company/
Sallie Mae also has a consumer advocate that might offer you some assistance: https://studentloansherpa.com/resolving-complaints-navient-sallie-mae/
July 31, 2017
Thank you for the fast response. This is the first month my loans have become due, so the drop to $375 is from me asking for their lowest payment plan. I just graduated from college in December and just started working so $1,100/month before was very unrealistic to pay. Even though they asked about my income and all expenses I pay/month, they say that this is still the best they can do. They could extend my repayment plan to 25 years and 2% interest rate, however I continue to tell them that right out of college there is just no way I can pay this every month on time, but I do want to work with them to pay them in order to be in good standing with them and not damage my credit. Asking me to pay $375/month to them is almost 20% of my income/month and that is the main reason I find this so unfair and not feasible. I have shared this with them and they do not care.
Sallie Mae has continued to reach out to one of my cosigners with no luck who I tell them they will never be able to contact and who has no money herself, and my second cosigner who is in the same financial situation as me has spoken to them multiple times to let them know she will never help to pay and it unfortunately did not make any difference.
The phone number for the Consumer Advocate for Sallie Mae unfortunately was not in service any more, but I appreciate the information on the CFPB and will definitely look into filing a complaint with them.
May 3, 2014
How were you able to get them to extend your repayment plan to 25 years at a 2% interest rate? That is really impressive!
Also, thanks for the heads up on the Sallie Mae number being out of service. I looked into it and found the updated number and updated the article.
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